Select correct journal entry to rectify an error “An amount of 10,000, withdrawn by owner for personal use debited to Trade Expenses Account”. Debit Credit

Related MCQs

• An entry of 1,560 has been debited to a Debtor’s Personal Account at 1,650. It is an error of
• If two or more transactions of the same nature are journalize together having either the debit or credit account common is known as:
• In case of debit balance , the words …………. are written on the debit side.
• When money is withdrawn from the bank ……….. the account of the customer.
• Difference of totals of both debit and credit side of the trial balance is transferred to:
• When goods are purchased for the joint venture, the account to be debited is
• All of the following have debit balance except one. That account is ………
• There are 100 members each p aying an annual subscription of 500. The Receipt and Payment account shows arrear subscription of 4,500, advance subscriptions 6,000 and current 44,500. How much amount to be credited in the Income and Expenditure account?
• Income and Expenditure account shows subscription at 2,50,000. Subscriptions accrued in the beginning of the year and at the end of the year were 25,000 and 37,500 respectively. The amount of subscriptions received appearing in re ceipts and payments account will be
• Payment of personal expenses of the owners of business need to be recorded as: